Some basic finance knowledge would tell us that it is unlikely...

Some basic finance knowledge would tell us that it is unlikely these options will be exercised anytime soon. The value of an option is its intrinsic value (which is the share price less the exercise price) + a time value. The longer the time to expiration the higher the time value. So it stands to reason that the only time the options should be converted is when the additional time value is zero (the day of expiration).

Could argue that some people would rather not run the risk of the SP falling and exercise the options when the price rises to above 2.5c thus crystallizing the benefit. But in BSMs scenario, with all we know now, we may not see the full benefit of a fully operational plant until March 2019 so the share price may still be rising right through that period. I agree with LetsTryAgain that it is unlikely many would exercise their options should the SP rise about 2.5c on the back of the resource estimate.